The deal is a five-year, $40 million …

The deal is a five-year, $40 million contract plus a kicker for equity, multiple sources told The Athletic, a rare package for an executive. Connelly met with Timberwolves minority owners Marc Lore and Alex Rodriguez in recent days and then flew to Minnesota on Saturday to meet majority owner Glen Taylor for the final step toward becoming the new president of basketball operations for the Wolves.

“We are thrilled to announce Tim …

Tim Connelly, Denver’s president of …

Tim Connelly, Denver’s president of basketball operations since 2013, is leaving to take the same position in Minnesota, a source told The Denver Post. The Timberwolves offered him five years and $40 million, plus equity, another source said, who added the deal more than doubles what he was making with the Nuggets. The Nuggets countered but there was still a significant gap between the two offers, a source said.

The decision to leave was particularly …

The decision to leave was particularly difficult for Connelly considering how close the Nuggets are to title contention and the deep relationships he’s established inside the organization with players and coach Michael Malone. Under Connelly’s watch, the Nuggets have reached the second round of the playoffs in three of the last four seasons, which had only been done once since 1994. Connelly, according to multiple sources, wasn’t eager to leave Denver and wasn’t searching for a new organization to help develop.